The Indian benchmark indices ended in the green for the second consecutive session on November 16 in a volatile session amid buying in information technology, oil & gas, auto and pharma names even as last-hour selling capped gains.
At close, the Sensex was up 306.55 points, or 0.47 percent, at 65,982.48, and the Nifty was up 89.70 points, or 0.46 percent, at 19,765.20.
Amid mixed global cues, the benchmark indices opened lower, recovered and moved higher as the day progressed but last-hour selling pared some of the gains.
Stocks and Sectors
Major Nifty gainers were Hero MotoCorp, Tech Mahindra, TCS, HCL Technologies and Infosys, while losers were Axis Bank, Coal India, Power Grid Corporation, Tata Consumer Products and Adani Enterprises.
Among sectors, the information technology index gained nearly 3 percent, while realty, oil & gas and auto were up a percent each.
BSE midcap and smallcap indices added 0.5 percent each, hitting fresh highs of 39,563.13 and 33,370.16, respectively.
A long build-up was seen in Manappuram Finance, Bosch and Coforge, while a short build-up was seen in Axis Bank, Coal India and Adani Enterprises.
Among individual stocks, a volume spike of more than 300 percent was seen in Chambal Fertilisers and Chemicals, Manappuram Finance and Torrent Pharma.
More than 300 stocks touched their 52-week high on the BSE. These included Hero Motocorp, Welspun Corp, Satin Creditcare Network, L&T Finance Holdings, Shriram Finance, Wonderla Holidays, Persistent Systems, Wockhardt, IPCA Laboratories, Tata Motors, Balkrishna Industries and Bajaj Auto. Click here for the full list
Outlook for November 17
Avdhut Bagkar, Derivatives & Technical Analyst, StoxBox
To break out on the upside, the index must deliver close over 19,850 to mitigate any volatile scenario. When that occurs, the trend is foreseeable to hit a new historic peak. As of now, 19,500 will be the immediate support, and until this mark is shielded, the trend shall witness a bullish bias. The trend will remain upward until medium-term support of 19,300 is held high.
For Bank Nifty, the 100-simple moving average (SMA) at 44510 should present a key hurdle. Unless this is taken out, the trend could take a pause. Only by overpowering the 100-SMA could the bias recoup positivity towards reaching 46,000. On the downside, 43,500–43,600 will be the support. Only a break below 43,000 can alter the optimistic bias.
Aditya Gaggar Director of Progressive Shares:
The day's trade was dominated by tech stocks, which provided an impetus for the Index to compound its gains but in the last hour of the trade, the Nifty erased half of its gains and settled at 19,765.20, up 89.75 points from the previous close.
The Nifty made a strong bullish candle on the daily chart but a sharp up-move has already been seen in the last two sessions and we feel that there will be a profit-booking activity that will drag the Index lower. A level of 19,850 will continue to remain the immediate resistance, while 19,580-19,550 will be a strong support area. There is a possibility of inverted head and shoulder as well but it is too premature to say.
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